Confidential Financial Statement Preparation for Archdiocese of Milwaukee Parishes

What is delivered

• Preparation of the CFS for one fiscal year, from the closed financial statements your parish provides
• Submission of the completed CFS to the Archdiocese of Milwaukee by email, with the Pastor and Trustees copied
• Answers to questions from the Archdiocese of Milwaukee about the filing
• An updated CFS and resubmission if the Archdiocese requires changes, once your parish has corrected its financial records

The engagement is complete when the Archdiocese of Milwaukee accepts the CFS.

Fiscal year covered

Each order covers one fiscal year. The purchase agreement names the year.

Records your parish supplies

Your parish sends these through a secure upload link that we provide:

• Balance Sheet as of the fiscal year end
• Profit and Loss for the fiscal year, by class
• A fully detailed report of all restricted activity for the fiscal year, by fund
• A copy of the prior year's CFS as accepted by the Archdiocese of Milwaukee

The books must be fully closed for the fiscal year, and the documents complete and accurate, before you send them.

Review and submission

1. We prepare the CFS from the documents your parish provides.
2. The Pastor and Trustees sign off on the CFS Cover Letter.
3. After sign-off, we submit the completed CFS to the Archdiocese of Milwaukee.

Deadlines and turnaround

The date your documents are due to us and the date we submit by are set for each fiscal year and listed in the purchase agreement. A parish whose school participates in the Wisconsin School Choice program follows a later schedule, because its financial statements come to us only after the school has recorded the adjusting entries from its Choice Audit report.

What is not included

• Bookkeeping, closing the books, or posting journal entries. Adjusting entries, whether found during preparation or requested by the Archdiocese after submission, are the parish's responsibility.
• An audit, a review, or any other assurance engagement. The CFS is prepared solely from the documents your parish provides.
• Any work beyond completing the CFS, submitting it, and seeing it accepted.

Waddell Accounting is an independent accounting firm and is not part of the Archdiocese of Milwaukee. Keeping the books is a separate service: see church and parish accounting.

Price and purchase terms

Contact us for current pricing and availability.

• Fees are not refunded if your parish does not provide the required documents by its due date. In that case the engagement ends and the CFS is not prepared or submitted.
• If this summary and the purchase agreement differ, the agreement governs.